Lucapa finds 171-carat diamond at Angola mine

Lucapa Diamond has recovered a 171 carat gem-quality stone from its prolific Lulo mine in Angola, which was restarted in early May.

The miner said the white diamond is the 15th 100-plus carat it has recovered to date from Lulo and the second 100-plus carat precious rock found in 2020.

The diamond was recovered from mining block six, where five other 100-plus carat diamonds had been previously unearthed.

Mining blocks six and eight have now produced 13 of the 15 100 plus carat diamonds recovered at Lulo, Lucapa said. This includes Angola’s largest recorded gem, which is a 404 carat diamond sold in 2016 for $16 million.

The miner has a 40% stake in the Lulo mine, which hosts the world’s highest dollar-per-carat alluvial diamonds. The rest is held by Angola’s national diamond company (Endiama) and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and no.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.

Last year, the country held its first public diamond auction and since then, producers no longer have to sell at below-market prices to a handful of buyers favoured by the state.

Endiama recently revealed it was seeking international partners in an attempt to place Angola among the world’s top-three diamond producers.

Source: DCLA

Lucapa finds 171-carat diamond at Angola mine

Lucapa Diamond has recovered a 171 carat gem-quality stone from its prolific Lulo mine in Angola, which was restarted in early May.

The miner said the white diamond is the 15th 100-plus carat it has recovered to date from Lulo and the second 100-plus carat precious rock found in 2020.

The diamond was recovered from mining block six, where five other 100-plus carat diamonds had been previously unearthed.

Mining blocks six and eight have now produced 13 of the 15 100 plus carat diamonds recovered at Lulo, Lucapa said. This includes Angola’s largest recorded gem, which is a 404 carat diamond sold in 2016 for $16 million.

The miner has a 40% stake in the Lulo mine, which hosts the world’s highest dollar-per-carat alluvial diamonds. The rest is held by Angola’s national diamond company (Endiama) and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and no.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.

Last year, the country held its first public diamond auction and since then, producers no longer have to sell at below-market prices to a handful of buyers favoured by the state.

Endiama recently revealed it was seeking international partners in an attempt to place Angola among the world’s top-three diamond producers.

Source: DCLA

Big-Stone Recoveries Return as Letšeng Reopens

Gem Diamonds has recovered a number of large, high-quality stones at its Letšeng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.

They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 carats.

Between February and March, the miner unearthed four white diamonds weighing 88, 56, 53 and 33 carats. It has also retrieved two diamonds over 100 carats so far this year, and a 13.33-carat pink.

Gem Diamonds restarted production at Letšeng last week after the government allowed the mining sector to reopen following an extended shutdown. Lesotho remains on lockdown until May 5.

Source: DCLA

Big-Stone Recoveries Return as Letšeng Reopens

Gem Diamonds has recovered a number of large, high-quality stones at its Letšeng mine in Lesotho, all found in the first week after production resumed following the COVID-19 lockdown.

They include a 60-carat, light-yellow, type I diamond, and three D-color, white, type II diamonds weighing 87, 66 and 23 carats, the company said Monday. It also found several diamonds over 10.8 carats.

Between February and March, the miner unearthed four white diamonds weighing 88, 56, 53 and 33 carats. It has also retrieved two diamonds over 100 carats so far this year, and a 13.33-carat pink.

Gem Diamonds restarted production at Letšeng last week after the government allowed the mining sector to reopen following an extended shutdown. Lesotho remains on lockdown until May 5.

Source: DCLA

Pandora in the Red as China Market Slows

Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak.

The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of all the company’s stores during the period as the COVID-19 pandemic spread, particularly in China.

“The Chinese market was in many ways challenging for Pandora in [the first quarter],” the company noted. “Pandora started to close physical stores due to COVID-19 from late January, and the logistics of the online channel were also disrupted.”

Global sales fell 13% year on year to DKK 4.17 billion ($606.1 million) for the January-to-March period, the Danish charm maker reported Tuesday. Revenue in the US slipped 7% in local currency to DKK 935 million ($135.8 million), while sales in China plunged 61% to DKK 212 million ($30.8 million) in local-currency terms.

Prior to the closures, the company saw positive growth in the first two months of the year in key markets including the US, the UK, Italy, France and Germany. Total revenue was up 1% for January and February, as consumers responded to the company’s new brand marketing.

Online sales were also strong, primarily during the lockdown period, growing 29%, Pandora said. The online channel grew by triple-digit rates in April.

Sales have improved since the end of the quarter, as stores began to reopen, the company noted. Although markets in China reopened in March, traffic was still weak, but demand strengthened “substantially” in April.

“Traffic into the stores is gradually improving and is getting closer to a normalized level,” Pandora said. The company has hired a new general manager for the region to help turn around performance and establish Pandora as a “unique and well-known brand” in China. The jeweler has also begun to reopen stores in Germany.

Pandora is preparing a number of commercial initiatives it plans to roll out as soon as the market situation strengthens.

“The group is now preparing for the recovery after the pandemic, and our strong performance in January and February makes us confident in the underlying brand momentum,” said Pandora CEO Alexander Lacik. “We have implemented cost and cash initiatives to ensure that we have the necessary financial strength for a strong commercial comeback when demand starts normalizing.”

The company will not issue financial guidance for 2020 until the market stabilizes and it can provide meaningful information, it noted.

Source: DCLA

Pandora in the Red as China Market Slows

Pandora reported a loss in the first quarter following global store shutdowns amid the coronavirus outbreak.

The company posted a loss of DKK 24 million ($3.5 million), compared with a profit of DKK 797 million ($115.8 million) the previous year, the Danish charm maker said Tuesday. The loss was driven by the global shutdown of all the company’s stores during the period as the COVID-19 pandemic spread, particularly in China.

“The Chinese market was in many ways challenging for Pandora in [the first quarter],” the company noted. “Pandora started to close physical stores due to COVID-19 from late January, and the logistics of the online channel were also disrupted.”

Global sales fell 13% year on year to DKK 4.17 billion ($606.1 million) for the January-to-March period, the Danish charm maker reported Tuesday. Revenue in the US slipped 7% in local currency to DKK 935 million ($135.8 million), while sales in China plunged 61% to DKK 212 million ($30.8 million) in local-currency terms.

Prior to the closures, the company saw positive growth in the first two months of the year in key markets including the US, the UK, Italy, France and Germany. Total revenue was up 1% for January and February, as consumers responded to the company’s new brand marketing.

Online sales were also strong, primarily during the lockdown period, growing 29%, Pandora said. The online channel grew by triple-digit rates in April.

Sales have improved since the end of the quarter, as stores began to reopen, the company noted. Although markets in China reopened in March, traffic was still weak, but demand strengthened “substantially” in April.

“Traffic into the stores is gradually improving and is getting closer to a normalized level,” Pandora said. The company has hired a new general manager for the region to help turn around performance and establish Pandora as a “unique and well-known brand” in China. The jeweler has also begun to reopen stores in Germany.

Pandora is preparing a number of commercial initiatives it plans to roll out as soon as the market situation strengthens.

“The group is now preparing for the recovery after the pandemic, and our strong performance in January and February makes us confident in the underlying brand momentum,” said Pandora CEO Alexander Lacik. “We have implemented cost and cash initiatives to ensure that we have the necessary financial strength for a strong commercial comeback when demand starts normalizing.”

The company will not issue financial guidance for 2020 until the market stabilizes and it can provide meaningful information, it noted.

Source: DCLA

Alrosa halts diamond mining at two assets

Russia’s Alrosa, the world’s top diamond producer by output, is temporarily suspending production at two assets as demand and sales for diamonds continues to drop.

Major consumers, including China and the United States, are struggling with economic headwinds caused by the global covid-19 pandemic. Extended lockdowns affecting key players in the supply chain, including polishers and top retailers, has only made things worse.

The Russian state-controlled miner said the dire state of the market would force it to halt its Aikhal underground mine and Zarya open pit from May 15 to September 30 and to December 30, respectively.

The two assets account for roughly 7% of the company’s diamond output in carat terms. They produced 2.6 million carats of rough diamonds last year.

Personnel of suspended operations and auxiliary services will be partially laid-off, Alrosa said. The remaining employees will be transferred to other assets or stay to keep up maintenance work at the idled operations.

The diamond giant said in March it may revise down its output guidance for 2020, which currently sits at 34.2 million carats. In 2019, it produced 38.5 million carats.

Source: DCLA